ONGC to invite potential deepwater partners to meeting

Vol 9, PW 7 (14 Jul 05) News in Brief

ONGC is planning to invite potential partners for five of its deepwater blocks to a pre-bid meeting at the end of July in Mumbai or Delhi.

This follows the closure of ONGCs dataroom in Mumbai on 30th June. Seven of the nine companies who visited the dataroom have shown interest.

All of them will soon receive the Bid Evaluation Criteria decided in consultation with the oil ministry. ONGC would like to receive bids by August.

Oil ministry officials and the empowered committee of secretaries must approve any award because these blocks were nominated to ONGC under the pre-NELP regime. ONGC is happy to be a non-operator on condition that its partner is willing to transfer deepwater technology.

Ideally, ONGC would like to be joint operator, so that the technology transfer is smooth. Petroleum Exploration Licences for these five blocks are valid for another two to three years.